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Mynaric AG (NASDAQ: MYNA; FRA: M0YN) is a pioneering leader in the field of laser communications, specializing in the design and manufacture of industrialized, scalable, and cost-effective optical communications terminals. The company plays a significant role in advancing the industrial revolution of laser communications, providing solutions for air, space, and mobile applications.
Mynaric operates through two primary segments: Air and Space. The Space segment features the CONDOR terminals, while the Air segment includes the HAWK terminals. The company's comprehensive product portfolio encompasses Optical ground stations, Air-to-ground terminals, Air-to-air terminals, Space terminals, and Custom products and subcomponents. These products are vital for high-altitude networks, remote observation, satellite constellations, and earth observation satellites.
Headquartered in Munich, Germany, with additional offices in Los Angeles, California, and Washington, D.C., Mynaric's key revenue is derived from the United States. Recently, Mynaric has secured several high-profile contracts. On November 29, 2023, the company signed a definitive agreement for an additional order valued at approximately $30 million from an undisclosed US-based customer. This contract involves the delivery of the CONDOR Mk3 optical communication terminals starting in mid-2024.
Further, on December 13, 2023, Mynaric entered into an agreement with Northrop Grumman for the delivery of optical communication terminals under the U.S. Government's Space Development Agency Tranche 2 Transport Layer-Alpha space vehicles program. This contract is valued at around $33 million, with product deliveries scheduled to begin in 2024 and continue until 2026.
Mynaric also reported strong performance indicators for the year ending December 31, 2023, with a substantial backlog in optical communications terminals primarily for government-funded satellite constellations. This backlog, resulting from robust order momentum in late 2023, will significantly impact revenue and cash flow visibility from early 2024 to 2026.
Moreover, on January 16, 2024, Mynaric was selected as a key development partner for Phase 2 of DARPA's Space-based adaptive communications node (Space-BACN) program, which aims to create scalable and reconfigurable optical communications terminals for various satellite constellations. This follows Mynaric's involvement in Phase 0 in December 2021 and Phase 1 in August 2022.
Mynaric has also announced an amendment to its existing US$75 million loan agreement, increasing the borrowing capacity by US$20 million, providing additional liquidity to support the company's working capital requirements and other corporate purposes.
As of March 30, 2024, Mynaric shipped the first flight model CONDOR Mk3 optical head, marking the start of serial production for these terminals. This milestone aligns with the company's mission to deliver mass-deployable free space optical communications systems at scale.
In the latest development, as of May 7, 2024, Mynaric has been selected by Rocket Lab USA, Inc. to supply free space optical terminals for the SDA's Tranche 2 Transport Layer (T2TL) - Beta program. This $15 million order will see deliveries commencing in 2025.
Mynaric's innovative solutions and continued success in securing key contracts underscore its pivotal role in the evolving landscape of laser communications. For more information, visit mynaric.com.
Mynaric AG (NASDAQ:MYNA) has received notice from its German restructuring expert indicating future capital requirements. The company is negotiating with its primary lender to extend $16.5 million in bridge loans due December 30, 2024, and secure additional funding for production and operations.
The lender's support is conditional on initiating financial reorganization under the German StaRUG act. Management believes it's likely they will agree on additional funding and apply for StaRUG proceedings, which could result in shareholders losing part or all of their investment. The company must make provisions for contingent liabilities for all outstanding loans, leading to full consumption of share capital.
Due to these developments, Mynaric has postponed its December 11, 2024 annual general meeting and will convene an extraordinary general meeting.
Mynaric AG (NASDAQ:MYNA) has secured an additional USD 11 million bridge loan from U.S.-based lenders, supplementing their existing USD 95 million loan and October's USD 5.5 million bridge loan. The new loan matures on December 30, 2024, with SOFR-based interest rates. Additionally, Mynaric expects to sign a production increase incentive agreement worth up to USD 9 million with an undisclosed customer, including an initial payment of USD 4.3 million. The company currently holds EUR 3.8 million in cash and continues seeking additional funding for operational needs.
Mynaric AG (NASDAQ:MYNA) has secured a USD 5.5 million bridge loan through an amendment to its existing USD 95 million loan agreement with U.S.-based lenders. The bridge loan, set to mature on November 24, 2024, will bear interest at SOFR plus 10% margin. Availability is subject to conditions, including a favorable liquidity plan from an independent restructuring expert.
Additionally, Mynaric received a USD 5.5 million milestone payment for manufacturing readiness from a U.S.-based customer. This payment, received on September 26, 2024, was a condition for the loan amendment and will support production of optical communications terminals.
As of October 1, 2024, Mynaric had EUR 7.8 million in cash and cash equivalents, which will be used for operational and working capital needs. The company expects to draw the full bridge loan amount to meet immediate working capital requirements and expenses for a restructuring expert opinion.
Mynaric (NASDAQ: MYNA) has announced progress in its volume production ramp for the CONDOR Mk3 laser communications system, addressing previous delays caused by low production yields and supplier shortages. The company is working to meet customer requirements, particularly for the Space Development Agency's Tranche 1 program. Mynaric was chosen by Northrop Grumman and York Space Systems as a supplier for SDA's Transport and Tracking Layer programs, and by Loft Federal for the NExT experimental testbed.
The company is also involved in other space programs, including DARPA's Space-BACN program and ESA's optical inter-satellite link project. Mynaric is actively seeking additional capital to secure ongoing operations and production ramp, evaluating various strategic options to address near-term capital needs.
Mynaric AG (NASDAQ:MYNA) is under investigation by Bronstein, Gewirtz & Grossman, for potential claims on behalf of investors. The investigation follows Mynaric's reduction of its 2024 financial guidance on August 20, 2024, citing production challenges, lower yields, and component shortages. This announcement led to a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to participate in the investigation. The law firm is representing investors on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman, has a track record of recovering significant sums for investors in securities fraud class actions and shareholder derivative suits.
Bronstein, Gewirtz & Grossman, is investigating potential claims against Mynaric AG (NASDAQ:MYNA) on behalf of its shareholders. The investigation follows Mynaric's reduced 2024 financial guidance announced on August 20, 2024, which the company attributed to production challenges, lower yields, and component shortages. This news led to a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to participate in the investigation. The law firm is offering its services on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman has a track record of recovering significant sums for investors in securities fraud class actions and shareholder derivative suits.
Bronstein, Gewirtz & Grossman, is investigating potential claims against Mynaric AG (NASDAQ:MYNA) on behalf of investors. The investigation follows Mynaric's reduced 2024 financial guidance announced on August 20, 2024, which the company attributed to production challenges, lower yields, and component shortages. This news caused a drop in Mynaric's stock price.
Investors who purchased Mynaric securities are encouraged to assist the investigation by visiting bgandg.com/MYNA. The law firm is offering its services on a contingency fee basis, meaning fees will only be charged if the case is successful. Bronstein, Gewirtz & Grossman has a track record of recovering millions for investors in securities fraud class actions and shareholder derivative suits.
Mynaric AG (NASDAQ:MYNA; FRA:M0YN) announced significant changes to its Management Board. Mustafa Veziroglu, the chairman of the Management Board, has agreed with the Supervisory Board to terminate his appointment with immediate effect. Simultaneously, Andreas Reif has been appointed as a new member of the Management Board and Chief Restructuring Officer.
In light of these management changes, the company has decided to postpone its annual general meeting originally scheduled for August 29, 2024. Mynaric AG will provide further details about the rescheduling in due course. These developments indicate a significant shift in the company's leadership structure and potentially its strategic direction.
Mynaric (NASDAQ:MYNA), a laser communications products provider, has announced significant management changes. Mustafa Veziroglu has stepped down as CEO and management board member with immediate effect. Veziroglu, who joined in August 2022, led operational product-related activities. Simultaneously, Andreas Reif has been appointed as a management board member and Chief Restructuring Officer (CRO).
Reif's role as CRO will focus on reducing costs and near-term cash consumption while collaborating with customers to meet their needs. He brings experience from executive financial and operational roles in German industrial manufacturing companies.
Due to these management changes, Mynaric's annual general meeting, originally scheduled for August 29, 2024, will be postponed. The company will announce new details in due course.
Mynaric (NASDAQ:MYNA) announced the voluntary departure of CFO Stefan Berndt von-Bülow for personal reasons, effective last week. Von-Bülow, who joined Mynaric in 2018 and became CFO in 2020, made significant contributions to the company's financial strategy, operations, and investor relations. He played a important role in several capital raises, debt financing, and Mynaric's Nasdaq listing in November 2021.
CEO Mustafa Veziroglu and CTO Joachim Horwath praised von-Bülow's leadership in transforming Mynaric into a leading supplier of free space optical communications technology. The company has initiated a global search for a new CFO, with Veziroglu and Horwath temporarily assuming CFO responsibilities.
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